我国上市公司资本结构动态调整的区域差异

Research on Regional Differences of Capital Structure Dynamic Adjustment of Listing Corporation in China

选取深沪两地A股上市的725家企业2001—2009年的6525个数据为样本，采用动态调整模型对企业的资本结构进行实证分析。结果表明，金融发展水平、公司规模和成长性与资本结构正相关；而盈利能力和偿债能力与资本结构负相关；金融发展水平较高的省份，资本结构动态调整的速度相对快于发展水平较差的省份。

This paper selects 6 525 data of Shanghai and Shenzhen A shares listed 725 enterprisesfrom 2001 to 2009 as a sample, using the dynamic adjustment of capital structure model of enterprises empirical analysis. The results show that, the level of financial development, company size and growth are positively related to capital structure; while the profitability and solvency and capital structure is negatively correlated; higher financial development level of the province, dynamic capital structure adjustment speed to be relatively faster than the development level of the provinces.